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Pay More Principal {Family Money Minute}

Pay More Principal

July 9, 2015: Pay More Principal

When it comes to paying off your mortgage, there’s one tip that’s stood the test of time and I’m sharing it with you today…

If you’re already at the lowest possible interest rate and not interested in refinancing, there’s one sure fire way to pay back your loan faster, and that’s to pay extra principal each month.

What you may not know is that the majority of your mortgage payment each month goes to pay off interest. But if you can add any extra money – even $50 – to go towards principle, you could literally cut your loan term by years!

The Family Money Minute is made possible by Operation Christmas Child, who reminds us that by saving money, we can make a bigger impact on the lives of needy children around the world.

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